KUALA LUMPUR (Jan 9): Yinson Production, the offshore business arm of Yinson Holdings Bhd (KL:YINSON), said on Thursday that its floating production storage and offloading (FPSO) vessel, FPSO Atlanta, has achieved first oil in Brazil. 

Yinson said it has successfully completed a 72-hour test, and final acceptance of the asset has been obtained from Brava Energia SA, one of Latin America’s largest independent oil and gas producers, which is formerly known as Enauta Energia SA. The asset has now been officially delivered to Brava, Yinson said in a statement.  

FPSO Atlanta is the third asset in Yinson Production’s fleet to operate in Brazil, following the deployment of FPSO Maria Quitéria in October 2024 and FPSO Anna Nery in May 2023.  

Yinson Production chief executive officer Flemming Grønnegaard highlighted the accomplishment showcases the group’s commitment to delivering “exceptional operational performance” while prioritising sustainability and safety. 

“Our team's dedication and expertise have been instrumental in bringing this project to fruition, and we look forward to a successful 15-year charter," Grønnegaard said.  

Meanwhile, Brava CEO Décio Oddone described the first oil achievement as a “notable milestone” for the company, noting that Brava is the first and only independent firm in Brazil to develop a greenfield deepwater production system.  

“This achievement is the result of the effort and dedication of our team over the years. We celebrate today and continue working to make Brava an even stronger company,” Oddone said.  
FPSO Atlanta is a redevelopment project awarded to Yinson Production by Brava on Feb 21, 2022, as an engineering, procurement, construction, and installation (EPCI) contract. In July 2023, Yinson exercised its option to purchase FPSO Atlanta, securing a 15-year firm charter with an additional five-year optional period. 

The total contract value is estimated at US$1.98 billion (RM8.92 billion).  

Yinson said FPSO Atlanta will operate in the Atlanta field within Brazil’s Santos Basin, and boasts a production capacity of 50,000 barrels of oil per day, and a maximum storage capacity of 1.2 million barrels.  

It added that the vessel will feature an efficient carbon management process plant, which utilises fuel gas for cargo tank inertisation that will significantly reduce flare gas emissions through a closed flare system.

Shares of Yinson traded unchanged at RM2.68 at the noon market break on Thursday, giving the company a market capitalisation of RM8.60 billion.